(1) For the benefit of its officers, teachers, clerical staff and other employees, the University shall constitute, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance and provident fund as it may deem fit. (2) The provisions of the Provident Funds Act, 1925 (Central Act No. 19 of 1925), shall apply to a fund or an insurance scheme as if it were a State Government fund or scheme and the University shall contribute to or invest in such fund or scheme. (3) Provision shall be made in the Statutes to ensure that staff members transferred from employment in the service of the State shall have their accrued service benefits protected upon such transfer.